3 Month Trial and interesting response from Chase today

[a2kman]

I called Chase this morning to do my weekly check-in on what to do after I make my 3rd payment this month, simply to get the same answer I always do ... "We have all the paperwork and everything looks good"

I then asked how did they calculate my new payment and approval for it ... response ..

"We plug your information into our new system and it spits out your new payment and whether or not you qualify"

So for all those who get 20 different response, from what I heard is the computer makes the choice not a person. This may explain why some get denied before they even have a chance to submit everything, or why they get the standard "income to low"

[Evan Bedard]

Hi a2kman,

Thank you for informing us of this iformation. I did not know Chase has a new system to qualify homeowners for a mod...

[famlena]

That was exactly what my closer told me as well. Chase is currently testing out their new system. I think it's BS. They're probably just very swamped or trying to collect as much as they can. I've spoken with other Chase reps & they didn't confirm anything about the new system. And also from reading the blogs from this forum it seems the approval is being reviewed by an underwriter. I don't know about Chase.

[Evan Bedard]

Yes famlena from my experience your case will go to uppermanagement or maybe even the investor for final approval.. I do not see how a new system is able to decide if people qualify or not, can it interpret their hardship too....

[snapple candy]

This is interesting A2K. I just made my 3rd trial payment last week. Wondering what I should do and when i should start calling Chase. No doubt this
new" computer program has got some bugs. I imagine they are tightening the noose on their criteria in an effort to do just enough mods to satisfy the govt. and their shareholders. I do know they are particularly being tough on those that are self-employed.

[famlena]

Evan Bedard,

Maybe you could help shed some light for me. Both my 1st & 2nd are owned by Chase itself. The closer that I am working with is handling both 1st & 2nd mods. I have completed my trial and will be making my 5th mod payment soon awaiting the perm mod. However, I am told that there's no guarantees that I would qualify for the perm mod.

In the meantime, I received a Notice of Default from the 2nd recorded on Aug 5th. I told my closer about it & she was not even aware of the foreclosure. She said she had put a hold on it for 3 months. Now the foreclosure process itself takes 3 months anyways so she really didn't do anything.

Just spoke with the exe analyst assigned to my file regarding the foreclosure notice & she is handing it off to someone else who would have access to the 2nd mort info. Someone will contact me in a couple of days.
The closer & the exe analyst are very nice but I feel that I am getting the run around now. Are they trying to collect as much as they can before foreclosing on me? They keep referring to the system update & they don't have access to this or that. What should I do now. Wait to hear from the new exe person assigned to me? Or not make my next payment. Thank you for any input you can offer me. I am so frustrated!!!